Titan Pharmaceuticals Inc (TTNP)

[Serenity3]

Lenders aren’t crossing fingers, they’re insisting… 7 mil at interest only… LIBOR floor of 1.10% + 8.4% = 9.5%... round up to 10% interest that’s 700,000/yr.. one of the loan covenants is TTNP must get at least $750,000 in royalty payment or they will be in default… another covenant is they must have a market cap of not less than 50 mil .. well they have to get their price up to 2.36 to satisfy that covenant given today's outstanding shares.. oh & that doesn’t include the dilution in the warrants they issued @1.96… so including those warrants in the share count… that dilutes the price down to 2.33..lenders make a cool 100 K on that trade…and if TTNP draws the additional 3 mil, TTNP agreed to give the lender more warrants (price not yet determined)... this is a good deal?